Session Recap: Quiet trading in a quiet day

By FXstreet.com | Updated July 28, 2014 AAA

FXStreet (San Francisco) - Small ranges in majors as investors are waiting for GDP data and FOMC meeting this week. The US Dollar advanced against the Yen but it declined versus the Euro and Sterling.

The EUR/USD traded on consolidation mode at 8-month lows around 1.3435. Currently, EUR/USD is trading at 1.3436, up 0.05% on the day, having posted a daily high at 1.3445 and low at 1.3427.

"The hourly chart shows a mild positive tone coming from technical readings, neutral for the most," comments Valeria Bednarik from FXStreet. "An upward correction can’t be ruled out, yet sellers are probably waiting in the 1.3475 area, preventing the pair from advancing further."

The Sterling performed its first positive day after 8 negative sessions. The Cable tested the 1.7000 level but it was unable to break above and it closed at 1.6980. The USD/JPY resumed its uptrend after Friday's decline. Monday was the sixth positive day in the last seventh sessions. USD/JPY is consolidating now above 101.80.

Main headlines in the American session

United States Markit PMI Composite unchanged at 61 in July

US: Flash Services PMI falls less than expected in July

US June pending home sales -1.1% m/m vs +0.5% expected

July 2014 US Dallas Fed manufacturing index 12.7 vs 12.0 exp

Wall Street closes off lows but mixed

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